This page reflects PHAT options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
Published Snapshot
Aug 20, 2026 close
Max Pain — PHAT
Data as of market close Aug 20, 2026
Nearest listed expiration 2026-08-21 shows max pain at $10.00 (1.40 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.
Max Pain Strike
$10.00
Nearest expiry
Expected Move
±$2.98
±34.6%
Days to Expiry
1
Calendar days
Total Call OI
1,933
Nearest expiry
Total Put OI
1,519
Nearest expiry
P/C OI Ratio
0.79
Put-heavy
Spot Price
$8.60
Published close
Consensus
-
Open report for full read
Max Pain by Expiration
Pain by Strike
Drill into expiration
Selected: 2026-08-21
Expiration
Max Pain Strike
Last Updated
2026-06-18
$10.00
6/18/2026, 11:31:13 PM
2026-07-17
$12.50
7/17/2026, 11:32:41 PM
2026-08-21NextUpdated
$10.00
8/20/2026, 11:29:04 PM
2026-09-18
$10.00
8/20/2026, 11:29:04 PM
2026-11-20
$7.50
8/20/2026, 11:29:04 PM
2027-01-15
$7.50
8/20/2026, 11:29:04 PM
2027-02-19
$5.00
8/20/2026, 11:29:04 PM
Selected expiration: 2026-08-21 at max pain $10.00.
PHAT pain by strike for 2026-08-21 expiration
Strike
Call Pain
Put Pain
Total Pain
2.5
0
1071250
1071250
5
0
691750
691750
7.5
0
331000
331000
10
66750
18000
84750
12.5
296500
10500
307000
15
687750
4500
692250
17.5
1136500
2250
1138750
20
1611750
0
1611750
22.5
2094500
0
2094500
25
2577250
0
2577250
30
3542750
0
3542750
How to Read Max Pain
Compare pin-risk and strike-pressure across expirations from the latest published close.
What max pain measures
Max pain is the strike where option holders would collectively lose the most at expiration, based on open interest across the listed chain.
How traders use it
It is most useful as a possible pinning zone, especially when spot is already trading near a crowded strike into expiration.
What can break it
Strong directional flows, news, or fast spot moves can overwhelm any pinning tendency, so max pain should support a thesis rather than drive it alone.
The closer you are to expiration, the more useful this becomes as context and the less useful it is as a standalone prediction.